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If you are a residential property owner in Peel Region, then you will be paying more property tax in the coming years if the Provincial Government's Bill 23, New Homes Built Faster Act is passed by the Ontario legislature. Bill 23 is the Ontario Government's response to home affordability. It is intended to make it easier and more profitable for developers to build new housing. The logic is that increased supply will reduce the pressure that is driving up home prices. This makes sense on the surface. But there are huge implications and unintended consequences of the approach this legislation is using to achieve the government's aim.
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